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C Olas in 2010

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C Olas in 2010 2010 7, place René-Clair 92653 Boulogne-Billancourt Cedex – France in 2010 Colas Tel.: +33 1 47 61 75 00 Fax: +33 1 47 61 76 00 www.colas.com Colas, a French Société Anonyme with share capital of €48,937,185 RCS Nanterre 552 025 314 02325 COLA_1103099_RA2010_GB_couv_portfolio.indd 1 13/05/11 17:14:35 LEADER IN THE CONSTRUCTION AND MAINTENANCE OF TRANSPORT Profi le 1 INFRASTRUCTURE Interview with the Chairman 2 Colas around the world 6 Consolidated key fi gures 8 Colas share 10 Simplifi ed fi nancial statements 12 Business report 15 The year in review 44 Colas Group management 78 COLA_1103099_RA2010_GB_couv_portfolio.indd 2 13/05/11 17:14:35 Backed by a workforce of nearly 70,000 people operating Colas is also involved in specialized complementary out of 800 autonomous work centers and 1,400 produc- lines of business, which means that the Group can pro- tion sites located in 40 countries on 5 continents, Colas is pose a wide range of products and services to its clients, a leader in the fi eld of construction and maintenance both public and private: manufacturing and installation of transport infrastructures, urban development and of safety equipment, road marking and traffi c control/ recreational facilities. In 2010, with 105,000 projects access management systems; production and applica- worldwide, the Group posted consolidated revenue at tion of waterproofi ng products, siding, roofi ng and 11.7 billion euros. installation of photovoltaic panels and membranes; lay- ing of pipes for the transport of fl uids; civil engineering; Roads represent nearly 80% of the Group’s business, building (new construction, rehabilitation, deconstruc- including the construction and maintenance of roads and tion); design and engineering of large-scale complex highways, airfi eld runways and aprons, ports, industrial railway projects, construction, renewal and maintenance sites, logistics platforms, urban networks, reserved-lane of railways for conventional lines, high-speed trains, public transport systems, bike paths, sports facilities, tramways, subways, including electrifi cation and signal- and more. In addition, Colas does business in activities ing, railway freight transport; services and concessions. upstream from the construction sector involving the pro- duction and recycling of materials (aggregates, emulsions Safety, quality, ethics, environmental protection, innova- and binders, asphalt concrete, ready-mix concrete) that it tion, diversity, training, rigor, fi nancial strength: these are uses internally or sells to third parties, thanks to its dense the keys that allow Colas to pursue long-term profi table international network of quarries, gravel pits, emulsion growth in the framework of responsible development. plants, asphalt plants, concrete plants. The Group oper- Colas is paving the way forward, serving people, free- ates in the production, storage, transformation and dom, higher standards of living and enhanced economic distribution of bitumen as well, backed by two refi ning development. units and a network of depots. Colas Group 1 INTERVIEW WITH HERVÉ LE BOUC, CHAIRMAN OF COLAS Against a global backdrop rocked by continuing economic and fi nancial di! culties, revenue at Colas totaled 11.7 billion euros, up a slight 1% compared to 2009. A drop in current operating profi tability and an accumulation of unfavorable non-current factors led to a decrease of the Group’s share of net profi t, at 224 million euros. Owing to a series of action plans, to the non-recurrent nature of exceptional operating expenses and to the Group’s overall strengths, Colas will pave the way back to growth in profi tability in 2011. Can we say that the crisis began to blow over for your our companies in central Europe was even graver than business sectors in 2010? In this type of environment, expected. In short, 2010 was a tough year for Colas! In what is your opinion about the 11.7 billion euros of light of the sheer number of obstacles we encountered revenue generated by Colas? along the way, I am rather satisfi ed with our revenue fi gures, which remained on target with our last forecast. Our markets did not make it back on the path to growth in 2010. However, excepting a few countries, and the Which regions and which businesses were the most – central Europe zone in particular, business volumes or the least – resilient? were down only very slightly compared to 2009, marking the end of the stimulus package effect. But this wasn’t a 2010 was a highly contrasted year, with major disparities major drop, which is encouraging. between continents, countries, regions, cities. The gaps Our forecasts all pointed to the fact that the environ- have never been so wide. ment would be diffi cult. The relatively unfavorable mar- Central Europe is weathering the most diffi cult times, ket trends in terms of public and private investment with a 34% decrease in revenue, a sharp drop in tradi- came as no surprise. We had anticipated intense com- tional business, the cancellation of the D 1 motorway petition in France, the drop in our central European PPP contract in Slovakia in the wake of a change in gov- markets, a recession in some French overseas depart- ernment, along with delays on certain contracts that are ments and a shortage of major projects. But to top off currently underway. the diffi culties we had forecast, North America and Europe also had to contend with disastrous weather at In French overseas departments – exception made for the beginning and the end of the year; France was French Guiana, the market is fl at in the Caribbean, and the rocked by strikes in October and November; two major recession that sent Reunion Island reeling has worsened contracts were canceled and the situation for some of with the cancellation of the Tram-train PPP contract. 2 Colas Group Conversely, business in mainland France remained In addition to lower current operating profi tability, 2010 practically stable, with strong disparities among regions, also saw non-current operating expenses totaling 52 mil- départements , urban zones and rural zones, etc. The lion euros, comprising in particular antitrust fi nes that same was true in Africa and the Indian Ocean. Colas date back several years and depreciation of all goodwill in companies in North America, Northern Europe and Asia/ subsidiaries in central Europe. Oceania enjoyed growth markets. Thus, net profi t amounts to 224 million euros, still an I’ll end our quick tour of Colas in 2010 with a look at our acceptable level at 1.9% of revenue. We can not of course businesses. We just saw that the Roads sector had been be content with these fi gures but the Group’s solid foun- witness to a wide variety of trends, depending on the dation and widespread geographic diversifi cation have region. The Safety and Signaling market is on a down- helped us take the punch. turn. Waterproofi ng has enjoyed slight growth, as has the Pipes and Mains sector. As for the Railway business, What measures have you taken to remedy the slump in the market is upbeat. profi tability? If business is in line with forecasts, how do you explain We have been hard at work, of course. In order to get back on the track of growth in profi tability as quickly as the sharp drop in profi tability? possible, we rolled out a specifi c, tailored-made action The Group’s share of net profi t totaled 224 million euros plan for each problem we encountered, and reinforced in 2010, marking a 42% decline from 2009. This is of the streamlining programs we had already implemented course very disappointing. in 2009 to help adapt to new markets. In central Europe, We could say 2010 was an “annus horribilis” for Colas. we adjusted our organization and changed the entire managerial structure, with a view to ensure gains in pro- Current operating profi tability is down, due to a number ductivity, lower the break-even point and adapt to cur- of reasons. First of all, profi t margins in France have rent market volumes, while keeping an eye on preserving been eroded by strong pressure on prices – unreason- the future. In mainland France, the goal is to inverse the ably strong in my mind given the actual volume of busi- downward trend in profi tability. In Africa, in the Indian ness. Africa, the Indian Ocean and French overseas Ocean and in the Caribbean, streamlining was also departments have seen a slump in profi tability too, with needed. Around the world, we focused on promoting the completion of a series of major projects. But, above synergy between regions and companies, geographic all, the main reason can be put down to heavy losses in mobility of manpower and the transfer of equipment and three countries in central Europe: Slovakia, Croatia and plant. Hungary. These diffi culties mask the good perform- ances recorded in northern Europe, North America and Asia. Colas Group 3 Your markets are showing sluggish growth at the Colas has been deeply committed to promoting respon- moment. Isn’t it time for you to fi nd a relay via external sible development for many years now. What progress growth? was made on that front in 2010? Colas’ growth strategy is hinged around both organic Colas’ responsible development policy, based on social, growth and acquisitions. The key issue is to clearly defi ne environmental and economic issues, is a cornerstone our targets in an environment wrought with such uncer- strategy for the Group. tainties. In 2010, we were quite pro-active! Safety is one of our leading concerns and it is a heartfelt Last June, we acquired the Société de la Raffi nerie de satisfaction for us to see that the targets set in 2005 for Dunkerque (SRD) and have now become bitumen pro- 2010 were met, thanks to considerable effort on every- ducers in France.
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